India funds reap Modi rewards
The Indian market has been revitalised by the election of pro-business Prime Minister Narendra Modi earlier this year, Hargreaves said.
Laith Khalaf, senior analyst at Hargreaves Lansdown, said: “The success of the Indian market continues apace following Modi’s election. The main stock market index, the Sensex, is up about 30 per cent this year, and some UK funds have done significantly better. The market still looks reasonably valued compared to its history, though the data available for this region is relatively short.”
See the chart below for the best performing funds of the first nine months of 2014.
|Rank||Fund||Per cent Growth (YTD)|
|1||First State Indian Subcontinent||41.7|
|4||Invesco India Equity||32.4|
|5||HSBC GIF Indian Equity||31.1|
|6||Invesco Korean Equity||25.0|
|8||AXA Framlington Biotech||24.1|
|9||JPM Emerging Middle East Equity||21.7|
|10||Schroder Small Cap Discovery||18.8|
Source: Hargreaves Lansdown